Sable Offshore (NYSE:SOC) Shares Gap Down - What's Next?

Key Points

• Sable Offshore shares gapped down, opening at $13.42 after a $14.37 close and last trading around $13.70 on roughly 500,432 shares.
• Senior insiders — EVP Gregory Patrinely and COO James Caldwell Flores — each sold 279,081 shares at $16.69 on March 31, part of insider sales totaling 837,243 shares (~$13.97M) over 90 days and reducing their individual holdings by 38.66%.
• Analysts are mixed (three Buys, one Hold, two Sells) resulting in an average rating of "Hold" and an average price target of $19.50; the company beat last quarter's EPS (-$0.39 vs. -$0.59) but is forecast to report -6.39 EPS for the year.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $14.37, but opened at $13.42. Sable Offshore shares last traded at $13.6950, with a volume of 500,432 shares changing hands.

Analyst Upgrades and Downgrades

SOC has been the topic of several research analyst reports. Roth Mkm restated a "buy" rating on shares of Sable Offshore in a report on Wednesday, December 24th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Jefferies Financial Group boosted their price target on shares of Sable Offshore from $28.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, March 30th. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, TD Cowen reiterated a "buy" rating on shares of Sable Offshore in a research note on Thursday, December 18th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Sable Offshore currently has an average rating of "Hold" and an average target price of $19.50.

Sable Offshore Price Performance

The company has a market capitalization of $2.01 billion, a PE ratio of -3.24 and a beta of -0.10. The stock's 50 day simple moving average is $12.91 and its 200-day simple moving average is $10.86.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.59) by $0.20. On average, equities analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Gregory D. Patrinely sold 279,081 shares of the company's stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the sale, the executive vice president directly owned 442,794 shares in the company, valued at approximately $7,390,231.86. This represents a 38.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO James Caldwell Flores sold 279,081 shares of the company's stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the sale, the chief operating officer owned 442,794 shares in the company, valued at $7,390,231.86. The trade was a 38.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 837,243 shares of company stock worth $13,973,586. Company insiders own 36.36% of the company's stock.

Institutional Trading of Sable Offshore

Large investors have recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Sable Offshore during the fourth quarter worth approximately $37,000. Aster Capital Management DIFC Ltd increased its stake in shares of Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company's stock worth $47,000 after buying an additional 3,790 shares during the period. NewEdge Advisors LLC increased its stake in shares of Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after buying an additional 650 shares during the period. Williams Jones Wealth Management LLC. purchased a new stake in shares of Sable Offshore during the fourth quarter worth approximately $90,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Sable Offshore during the fourth quarter worth approximately $97,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Sable Offshore Company Profile

Sable Offshore NYSE: SOC is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.

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